- The American senators voted to repeal a rule of the Biden era targeting the DEFI websites.
- President Trump should sign the bill if it is adopted by the Chamber.
On Tuesday, the American cryptography industry won a victory in the congress after the senators voted to eliminate a rule of the Treasury Department which would have forced negotiation websites to collect personal information from users and follow all their exchanges in cryptos.
Voting was a major victory for the crypto in Washington, with 18 Democratic senators joining the 50 Republican colleagues to vote for the repeal.
The room of closely divided representatives is, apparently, the only obstacle remaining in front of the push to repeal.
This is the last sign of how the government under President Donald Trump seeks to relax the rules around the crypto to make promises made to industry – and its lobbying machine – on the campaign track.
Sacks Backs Cruz
Tuesday, the crypto-tsar of the White House David Sacks offered its support For the bill, tabled by the Senator of Texas Ted Cruz.
If the Chamber joins the Senate to vote for the repeal, American president Donald Trump, who positioned himself as champion of the cryptographic industry, should sign the bill.
The rule, published by the American Treasury Department, was published in the decreasing period of the administration of former president Joe Biden.
The rule has classified websites and portfolios that allow users to exchange crypto as brokers.
As such, they had to start collecting large amounts of customer data in the name of tax evasion prevention and helping customers report their taxes to the Rété Service internal.
The rule was to come into force in 2027.
Crypto developers and lawyers have warned The rule could constitute an existential threat to decentralized finance, financial software based on blockchain designed to cut intermediaries such as banks.
On Tuesday, more than $ 137 billion in crypto had been deposited in the thousands of protocols DEFI follow up by Defilma.
The vast majority of this crypto has been deposited via websites and user -friendly applications, or frontal services, which allow people with little technical expertise to use DEFI protocols.
“Today marks the first of many historical stages in the regulation of digital assets in the United States in this next chapter-while we are heading to the promulgation of the first legislation on autonomous cryptography,” said a spokesperson for the crypto sister Fund fund DL News in a declaration.
“The DEFI Education Fund applaudes the bipartite supermajure of senators who have recognized the need to repel against regulatory overtaking to protect the freedom of Americans to choose how they transact and American innovation.”
Aleks Gilbert is the journalist of Defi, based in DL News, based in DL News. You can reach it at Aleks@dlnews.com.
